CSAV chairman Luksic dies at age 57

Thursday, March 28, 2013

The chairman of the Chilean shipping company CSAV, Guillermo Luksic Craig, has died at the age of 57.
The Bloomberg news service reported Luksic died of lung cancer. Through its 83 percent stake in Quiñenco, one of Chile's largest conglomerates, the Luksic family acquired a stake in CSAV in 2011. Quiñenco, is involved in a wide variety of businesses, including financial services, manufacturing of packaging and metal products, food and beverages.
Former Quiñenco executive Oscar Hasbún was named chief executive of CSAV and implemented a restructuring of the company, shedding some routes and spinning off its terminal company SAAM. As of Sept. 30, 2012, Quiñenco’s ownership of both CSAV and SAAM was 37.44 percent.
The restructured, smaller CSAV has shown improved financial results. Earlier this month CSAV reported an operating profit of $8.4 million in the fourth quarter of 2012 compared to a loss of $158.1 million in the same quarter in 2011. The improvement came despite a 15.1 percent year-on-year drop in operating revenue in the quarter to $845.4 million and a 5.3 percent drop in container volume to 463,484 TEUs. - Chris Dupin